ACCA Strategic Professional · Strategic Business Leader · Finance transformation
Halden Industries has automated transaction processing and reduced finance headcount by 30%. The board now wants finance to act as a business partner, but the finance director notes that staff still spend most time validating data from three inconsistent legacy systems. Which action would best enable the intended transformation?
The best action is to integrate data into a single source of truth with standard definitions. Staff time is wasted validating inconsistent legacy data, so fixing data quality and integration is the foundation for analytics and business partnering, rather than adding disconnected tools.
- AIntegrate data into a single source of truth with standard definitions before adding further analytics toolsCorrect
- BBuy advanced visualisation software for each department independently
- CReduce headcount further to fund new tools
- DOutsource the business partnering role to the external auditor
Explanation
Business partnering depends on reliable, consistent data; time is lost reconciling inconsistent systems. Creating a single source of truth addresses the root cause. Separate tools would multiply inconsistency, further cuts ignore capability, and auditor independence would be compromised by outsourcing the role.
Did you get it right without looking?
One question tells you little. A timed set on Finance transformation shows your real accuracy, how long you take and where you lose marks.
More Finance transformation questions
- Kestrel Retail's board is told that its finance function is mainly seen by managers as a 'scorekeeper' that produces historical reports afte…
- Kestrel Retail is redesigning its finance function. It will place a small team of finance professionals inside the marketing, supply chain a…
- Meridian Logistics plans to use blockchain-based distributed ledger technology for intercompany settlements across its subsidiaries. Which b…
- Calder Pharma has automated its transaction processing and now has a dashboard showing real-time sales and cost data. The CFO wants finance …
- Zentra Foods has a finance team of 40 staff who spend most of the month on transaction processing, reconciliations and manual journals. The …
- Halvard Ltd plans to outsource transactional finance to a provider while keeping analysis in-house. A force field analysis shows driving for…